WATSCO INC

Listed Company

WSOCIK 0000105016NYSELarge AcceleratedWholesale-Hardware & Plumbing & Heating Equipment & SuppliesFloridaFY ends Dec 31

Period

FY 2025

Revenue

$7.24B

Net Income

$496.99M

Total Assets

$4.41B

Equity

$2.78B

Shares Out

—

Op. Cash Flow

$569.61M

Business

WATSCO INC is a distributor of air conditioning, heating and refrigeration equipment and related parts and supplies, serving contractors across North America. It offers residential and commercial HVAC/R equipment, replacement parts, supplies, commercial refrigeration products, private-label lines, and digital services including e-commerce, mobile applications and consumer financing. The business operates through operating subsidiaries, Carrier joint ventures and Watsco Ventures, combining regional distribution, acquisitions and technology initiatives. Products are sold primarily through a network of warehouse locations, direct delivery, pickup, and digital channels in the United States, Canada, Mexico, Puerto Rico and export markets in Latin America and the Caribbean.

Summary from filing dated 2025-02-28

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenues	7,239	7,618	7,284	7,274	6,280
Cost of sales	5,209	5,574	5,292	5,244	4,613
Gross profit	2,030	2,045	1,992	2,030	1,668
Selling, general and administrative expenses	1,338	1,293	1,224	1,221	1,058
Other income	28	31	26	23	19
Operating income	720	782	795	832	629
Interest (income) expense, net	−17	−21	5	2	996,000
Income before income taxes	738	803	790	829	628
Income taxes	150	167	156	126	129
Net income	588	636	634	704	499
Less: net income attributable to non-controlling interest	91	99	98	103	80
Net income attributable to Watsco, Inc.	497	536	536	601	419
Basic	12.27	13.34	13.72	15.46	10.83
Diluted	12.25	13.3	13.67	15.41	10.78

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	433	526	210	148	118
Short-term cash investments	300	256	0	—	—
Accounts receivable, net	796	878	798	747	698
Inventories, net	1,386	1,385	1,347	1,370	1,115
Other current assets	39	35	37	34	29
Total current assets	2,955	3,080	2,392	2,299	1,961
Property and equipment, net	136	141	136	125	111
Operating lease right-of-use assets	453	419	369	317	269
Goodwill	463	452	457	431	434
Intangible assets, net	210	208	218	175	187
Investment in unconsolidated entity	185	169	146	133	115
Other assets	14	11	11	8	9
Total assets	4,415	4,480	3,729	3,488	3,086
Current portion of lease liabilities	117	110	100	91	85
Accounts payable	350	491	369	456	364
Accrued expenses and other current liabilities	250	383	242	303	278
Total current liabilities	718	984	712	907	727
Operating lease liabilities, net of current portion	351	322	277	232	187
Finance lease liabilities, net of current portion	11	15	12	11	9
Total long-term obligations	362	337	305	244	285
Deferred income taxes and other liabilities	113	94	96	90	77
Commitments and contingencies	—	—	—	—	—
Preferred stock, $0.50 par value, 10,000,000 shares authorized; no shares issued	0	0	0	0	0
Paid-in capital	1,563	1,472	1,153	973	1,004
Accumulated other comprehensive loss, net of tax	−50	−60	−42	−48	−34
Retained earnings	1,319	1,296	1,183	1,030	761
Treasury stock, at cost, 4,066,949 and 4,066,978 shares of Common stock at December 31, 2025 and 2024, respectively and 20,712 shares of Class B common stock at December 31, 2024	−73	−73	−87	−87	−87
Total Watsco, Inc. shareholders' equity	2,781	2,657	2,230	1,889	1,665
Non-controlling interest	441	407	386	359	332
Total shareholders' equity	3,222	3,064	2,616	2,248	1,997
Total liabilities and shareholders' equity	4,415	4,480	3,729	3,488	3,086

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	44	41	35	32	28
Share-based compensation	35	35	30	29	25
Non-cash contribution to 401(k) plan	9	9	9	7	5
Deferred income tax provision (benefit)	18	229,000	−7	13	6
Provision for doubtful accounts	5	4	7	9	7
Loss (gain) on sale of property and equipment	407,000	536,000	−143,000	−2	350,000
Accounts receivable, net	83	−86	−36	−60	−130
Inventories, net	12	−42	65	−260	−244
Accounts payable and other liabilities	−203	198	−162	122	183
Other, net	6	8	14	1	−10
Net cash provided by operating activities	570	773	562	572	350
Purchases of short-term cash investments	−300	−256	0	0	—
Capital expenditures	−35	−30	−35	−36	−25
Business acquisitions, net of cash acquired	−19	−5	−4	−47,000	−129
Other investments	−500,000	0	−500,000	0	−1
Investment in unconsolidated entity	0	0	−3	0	0
Proceeds from sale of property and equipment	457,000	262,000	1	2	1
Proceeds from maturities of short-term cash investments	256	0	0	—	—
Net cash used in investing activities	−98	−291	−41	−34	−149
Dividends on common stock	−474	−424	−383	−332	−295
Distributions to non-controlling interest	−132	0	−74	−69	−62
Net repayments of finance lease liabilities	−6	−6	−4	−3	−2
Repurchases of common stock to satisfy employee withholding tax obligations	−4	−40	−3	−87	−1
Net (repayments) proceeds under current revolving credit agreement	0	−15	15	0	0
Net proceeds from the sale of Common stock	0	282	15	0	0
Net repayments under prior revolving credit agreement	0	0	−56	−33	—
Payment of fees related to revolving credit agreement	0	0	−844,000	0	−22,000
Proceeds from dividend reinvestment plan	22	13	0	0	—
Proceeds from issuances of Common stock under employee related plans	25	31	29	20	21
Net cash used in financing activities	−568	−159	−460	−504	−229
Effect of foreign exchange rate changes on cash and cash equivalents	4	−8	2	−5	−186,000
Net (decrease) increase in cash and cash equivalents	−93	316	63	29	−28

Filings

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